Professional Audit Services
In Singapore, an audit is mandatory if your company:
- Has a turnover of more than S$5 million per financial year; or
- If less a turnover of less than S$5 million per year, but there is a corporate body in the shareholding structure
For mandatory policies such as these, you need to engage competent professionals who have nothing but the best intentions in mind. An audit report may still be required if your company does not satisfy the above conditions. Examples will be companies that have taken banking facilities to conduct international trade in import and export. For the purposes of extending the credit facilities, banks usually require an audit report. In a situation where there are investors who are interested in investing in your company, an audit of the company's financials by a provider of professional audit services will be required.
We provide you with timely and cost-effective statutory professional audit services, the charges for a professional audit can range from a few hundred dollars to more than three thousand dollars for small companies. One particular issue is whether a company that has a corporate entity in its corporate structure and is dormant is still required to appoint an auditor?. Whether an auditor is required to be appointed in this situation will depend on the definition of a "dormant" company.
If your company satisfy the condition of having a corporate entity in your corporate shareholding structure, then an auditor is required to be appointed within three months from the date of incorporation. Should you require our Professional Audit Services, we will work closely with you to help you develop means of improving your company’s profitability and overall effectiveness.
Contact us for your professional audit needs.
Are there Companies which are Exempt from Audit in Singapore?
If your company does not have more than 20 shareholders, or your shares are not held by another company, then you qualify as an Exempt Private Company (EPC).
Companies that are exempt from statutory audit requirements do not have to get their accounts audited. Instead, they will have to prepare unaudited accounts for the Annual General Meeting (AGM) and Annual Returns filing with ACRA.
By E-Sandhurst